Latest Project of Bobby Roberts, River Market's Arcade Building, Nearing Completion

by George Waldon  on Monday, Aug. 12, 2013 12:00 am  

Even pricier are the improvements that will make Cache a dining showcase. The building permit for the finish-out work tops $3.1 million.

That level of investment rivals the construction budget of the theater underwritten by the library system.

“It’s ever-changing,” Harding said of the Cache budget. “It’s going to be nice, I promise you. But I really don’t want to get into the costs.”

Five years ago, the property attracted a 131-room Aloft Hotel proposal that drew public debate. Roberts was a leading opponent of a requested height variance needed to make the hotel project feasible.

Jimmy Moses of Moses Tucker Real Estate supported McKibbon Hotel’s Aloft proposal, which evaporated without the needed height variance.

But Moses remained interested in the site and worked with McKibbon to develop something else on it, realizing that Roberts had an eye on the property as well.

“We also knew they were interested in it and wanted it to be part of their campus,” Moses said. “That’s when we said, ‘Why don’t you do what you wanted to do, and we’ll build what we think the market can absorb, and we’ll do this together.’”

One component of the Arcade development is helping drive another CALS construction project: a proposed parking deck. The Arcade Building is replacing a surface parking lot and also displacing parking elsewhere.

To participate in the Arcade project, CALS agreed to accommodate tenants and owners in the building with up to 60 parking spaces in the River Market parking deck at 500 E. Second St. that the library has leased from the city.

Relinquishing those leased slots through sublease agreements means CALS needs replacement parking.

The library system looked at developing a parking deck on its surface lot at the northeast corner of Second and Rock streets.

However, the talk has shifted to possibly building a 400-space deck in a joint effort with the city on a site in the Riverfront Park area.



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